Chinese Smartphone Market Gains Momentum with Strong Initial Sales of Latest Xiaomi Model Release

The sale of over 1 million units of Xiaomi's latest flagship smartphone within a week of its launch is seen by analysts as an encouraging indication that the prolonged slump in China's phone market may be approaching an end.

China, the world's largest smartphone market, has experienced a sustained decline in demand, attributed to factors such as the COVID-19 pandemic and a sluggish economic recovery, leading consumers to delay phone upgrades.

Xiaomi CEO Lei Jun shared on the microblogging platform Weibo this week, "Sales of the Mi 14 series have exceeded 1 million units, and the phones are still in severe short supply." The model, featuring Qualcomm's advanced Snapdragon 8 Gen 3 processor and Xiaomi's proprietary HyperOS software, became available for purchase in China on October 31.

The strong launch of the Mi 14 series is viewed as "reinforcing signs of the market bottoming out," according to Will Wong, an analyst with industry research firm IDC. This positive development follows a significant surge in sales for Huawei's Mate 60 series phones, marking a notable recovery for the company following U.S. export controls imposed in 2019.

IDC anticipates that the Chinese market is poised for year-on-year sales growth in the fourth quarter, ending a streak of ten consecutive quarters of decline, although the specific growth level was not specified.

U.S. chip designer Qualcomm also reported robust demand from smartphone companies, particularly in China, signaling a broader trend of recovery. Priced between 3,999 yuan and 6,499 yuan ($550-$890), the Mi 14 series underscores Xiaomi's effort to penetrate the premium smartphone market and compete with industry giants Apple and Huawei.